Career and Education Opportunities for Loan Counselors in Mesquite, Texas

For those living in the Mesquite, Texas area, there are many career and education opportunities for loan counselors. About 3,870 people are currently employed as loan counselors in Texas. By 2016, this is expected to grow by 12% to 4,330 people employed. This is not quite as good as the nation as a whole, where employment opportunities for loan counselors are expected to grow by about 16.3%. In general, loan counselors provide guidance to prospective loan applicants who have problems qualifying for traditional loans.

Loan counselors earn approximately $15 per hour or $32,710 annually on average in Texas. Nationally they average about $18 hourly or $37,470 annually. Incomes for loan counselors are not quite as good as in the overall category of Accounting and Auditing in Texas, and not quite as good as the overall Accounting and Auditing category nationally. Jobs in this field include: finance manager, financial aid advisor, and farm mortgage agent.

The Mesquite area is home to seventy-six schools of higher education, including four within twenty-five miles of Mesquite where you can get a degree as a loan counselor. The most common level of education for loan counselors is a Bachelor's degree. You can expect to spend about four years studying to be a loan counselor if you already have a high school diploma.

CAREER DESCRIPTION: Loan Counselor

Loan Counselor video from the State of New Jersey Dept. of Labor and Workforce Development

In general, loan counselors provide guidance to prospective loan applicants who have problems qualifying for traditional loans. They also guidance may include determining the best type of loan and explaining loan requirements or restrictions.

Loan counselors interview applicants and request specified data for loan applications. They also contact applicants or creditors to deal with questions about applications or to help with completion of paperwork. Equally important, loan counselors have to check loan agreements to insure that they are complete and accurate, in line with policies. They are often called upon to maintain and review account records, updating and recategorizing them in line with status changes. They are expected to analyze applicants' financial status and property evaluations to establish feasibility of granting loans. Finally, loan counselors submit applications to credit analysts for verification and recommendation.

Every day, loan counselors are expected to be able to see details at a very fine level of focus. They need to listen to and understand others in meetings. It is also important that they speak clearly.

It is important for loan counselors to supervise loan personnel. They are often called upon to calculate amount of debt and funds available to develop methods of payoff and to estimate time for debt liquidation. They also maintain current knowledge of credit regulations. They are sometimes expected to inspect billing for accuracy. Somewhat less frequently, loan counselors are also expected to supervise loan personnel.

Loan counselors sometimes are asked to inspect accounts to establish write-offs for collection agencies. and match students' needs and eligibility with available financial aid programs to furnish informed recommendations. And finally, they sometimes have to compare data on student aid applications with eligibility requirements of assistance programs.

Like many other jobs, loan counselors must have exceptional integrity and be able to deal with stress and deal with situations calmly.

Similar jobs with educational opportunities in Mesquite include:

Accountant. Analyze financial information and prepare financial reports to determine or maintain records of assets, liabilities, profit and loss, tax liability, or other financial activities within an organization.

Assessor. Appraise real and personal property to determine its fair value. May assess taxes in accordance with prescribed schedules.

Budget Analyst. Examine budget estimates for completeness, accuracy, and conformance with procedures and regulations. Analyze budgeting and accounting reports for the purpose of maintaining expenditure controls.

Credit Analyst. Analyze current credit data and financial statements of individuals or firms to determine the degree of risk involved in extending credit or lending money. Prepare reports with this credit information for use in decision-making.

Tax Examiner. Determine tax liability or collect taxes from individuals or business firms according to prescribed laws and regulations.

EDUCATIONAL OPPORTUNITIES: Loan Counselor Training

University of Dallas - Irving, TX

University of Dallas, 1845 E Northgate Drive, Irving, TX 75062-4736. University of Dallas is a small university located in Irving, Texas. It is a private not-for-profit school with primarily 4-year or above programs. It has 2,977 students and an admission rate of 91%. University of Dallas has a master's degree program in Finance and Financial Management Services, Other Specialties which graduated one student in 2008.

Northwood University - Cedar Hill, TX

Northwood University, 1114 W FM 1382, Cedar Hill, TX 75104-1204. Northwood University is a small university located in Cedar Hill, Texas. It is a private not-for-profit school with primarily 4-year or above programs. It has 864 students and an admission rate of 55%. Northwood University has an associate's degree and a bachelor's degree program in Banking and Financial Support Services which graduated five and six students respectively in 2008.

Southern Methodist University - Dallas, TX

Southern Methodist University, 6425 Boaz St, Dallas, TX 75275-0221. Southern Methodist University is a large university located in Dallas, Texas. It is a private not-for-profit school with primarily 4-year or above programs. It has 10,965 students and an admission rate of 50%. Southern Methodist University has a bachelor's degree and a master's degree program in Finance and Financial Management Services, Other Specialties.

North Lake College - Irving, TX

North Lake College, 5001 N MacArthur Blvd, Irving, TX 75038-3899. North Lake College is a large college located in Irving, Texas. It is a public school with primarily 2-year programs and has 10,174 students. North Lake College has a one to two year and an associate's degree program in Banking and Financial Support Services which graduated two and five students respectively in 2008.

CERTIFICATIONS

Certified Personal Banker:
Applicable to financial services professionals who have completed the AIB Personal Banking Diploma and who function as personal bankers.

LOCATION INFORMATION: Mesquite, Texas

Mesquite, Texas photo by Justin Cozart

Mesquite is situated in Dallas County, Texas. It has a population of over 132,123, which has grown by 6.1% in the past ten years. The cost of living index in Mesquite, 89, is well below the national average. New single-family homes in Mesquite cost $155,500 on average, which is well below the state average. In 2008, sixty-four new homes were constructed in Mesquite, down from one hundred thirty-two the previous year.

The three most popular industries for women in Mesquite are health care, educational services, and finance and insurance. For men, it is construction, professional, scientific, and technical services, and administrative and support and waste management services. The average travel time to work is about 29 minutes. More than 18.5% of Mesquite residents have a bachelor's degree, which is lower than the state average. The percentage of residents with a graduate degree, 5.5%, is lower than the state average.

The unemployment rate in Mesquite is 8.2%, which is greater than Texas's average of 8.1%.

The percentage of Mesquite residents that are affiliated with a religious congregation, 55.1%, is more than the national average but less than the state average. Pentecostal Church of God Christian Assembly, Central Assembly of God Church and Prairie Creek Bible Baptist Church are among the churches located in Mesquite. The most common religious groups are the Catholic Church, the Southern Baptist Convention and the United Methodist Church.

Mesquite is home to the Light Crust Doughboys Hall of Fame Museum and the Town East Centre as well as Mesquite Memorial Stadium and Tosch Park. Visitors to Mesquite can choose from Chet' s Electronic Lock & Repair, Big Town Inn and Classic Inn for temporary stays in the area.